Your articles ('Call to act on 'crazy' school place race,' June 17) and ('Parents pay HK$1m for place in primary class,' June 10) on the issuance of Corporate Nomination Rights (debentures) have misconstrued their significance to the Chinese International School (CIS).

The debentures parents buy to jump the queue for places in Hong Kong's international schools are for sale to the highest bidder. It is a trade on which some light badly needs throwing. The schools that allow parents whose children have graduated to resell their debentures to new parents often do not control the transactions or, more importantly, disclose their value.

He says forced debenture is normal, and it may still be followed by a fee increase

The principal of the International Christian School has defended the controversial plan to force parents to pay for part of the construction of a new school and has revealed they could also face a rise in fees at the end of the year.

It is no small matter that parents must contend with the education system on behalf of their children. Hong Kong's system presents a number of obstacles to finding a school place, let alone a 'quality' education. Stories abound of parents queuing in long lines simply for admissions applications, and then standing in another queue to be placed on waiting lists for an interview.

Egana International (Holdings) has issued US$15 million unsecured convertible debentures. The debentures are convertible into ordinary shares at a conversion price equal to the lesser of 28 cents each, and 90 per cent of the five lowest closing prices of the share during the 20 business days before conversion.